We are no longer moderators of the r/wallstreetbets subreddit because some of the remaining moderators intentionally spread false information in order to sieze control for themselves. We don’t care much about petty disputes like this, and we think it’s time to move off of centralized platforms like Reddit anyway, but if you’re interested in knowing the real story, read on.
The main claim by the mods that remain on Reddit is that we were trying to “monetize the subreddit” through movie deals. Funny how these mods are willing to throw capitalism out the door so quickly when it suits them.
I mean this is WallStreetBets after all – we have nothing against movie deals, but the truth is that we had planned early on to donate any money to charity.
Here is a cropped screenshot that was shared with the press and the community:
The full screenshot that was shared later:
The New York Times even ran a story based on this cropped screenshot, but one of the reporters who wrote that piece later tweeted this correction:
We recently wrote about a division between the r/WallStreetBets mods over whether to take Hollywood $$ for their stories.— Nathaniel Popper (@nathanielpopper) February 19, 2021
At the time, the mods said they only wanted to give the $$ to charity. This screenshot of texts w @alexisohanian suggests they were telling the truth. pic.twitter.com/j7aasbALLy
There were also claims that we were secretly talking to the press, but the mods that remain on Reddit are the ones who were quoted in The New York Times and Bloomberg, not us.
The monetization claims get even more ridiculous considering there’s a WallStreetBets merch store owned by one of the current top mods that's promoted in the sidebar of the sub.
Here’s a screenshot of one of the original mods, turdled, telling zjz (jcrza) that the merch store should be removed.
And here is a conversation with Opinion_Is_Unpopular, who is now the top moderator of the subreddit, responding to someone’s inquiry about the merch store.
Here one of the remaining mods, Stylux, claims the merch store's profits are donated to charity. Sound familiar?
There’s also a WallStreetBets LLC entity. But in all honesty, this entity likely makes no money at all.
To be clear, we have no problem with the merch store or their entity, WallStreetBets LLC, and we have no reason to believe bawse isn’t actually donating the proceeds to charity.
We do, however, have a problem with hypocrisy. All of these mods were a part of the same movie deal discussions as us, and they were well aware of our plans to donate at least our share of any proceeds to charity. So why lie?
It’s simple. Zjz and many of the other remaining mods wanted to take control of the subreddit and saw an opportunity to do so. Why did they want control? Well we can’t say for certain, but it’s partially because we wanted to decentralize and they were resistant.
They have warped views on crypto based on outdated experiences from many years ago when crypto was brand new and scams were everywhere. They are the reason r/wallstreetbets doesn’t allow crypto discussions. They referred to our plan to decentralize WSB as “some crypto shit”. But it also seems they wanted control because they don't want things to change. They're afraid of trying to build something bigger than just a subreddit.
So, they lied about movie deals and monetization. Zjz posted a late night message to the community spreading these lies in order to goad us into removing him and the other mods. The post mentioned that a “coup” was coming, but it was really meant to elicit a reaction from us and make it look like a coup was happening, as he knew we’d have to remove him for posting it.
He then went to the NYT, Reddit Admins, and the WallStreetBets Discord and shared the cropped screenshot from before, pointed to his post, and said “look, see I was right! Movie deals! A coup!”
What was the end result? We, the top mods, were removed and the remaining mods were left in charge. I don’t know about you, but that sounds like a coup to me.
The funny thing about trying to build the future is that it attracts enemies, and it's usually met with resistance. Ultimately, though, progress always wins.